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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Financial Services Commission (Jersey) Law 1998: Amendments: Law drafting instructions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 23 October 2024:

Decision Reference:  MD-ER-2024-810

Public

Subject: Extending the civil penalties regime to include prohibitions for misuse or wrongful distribution of beneficial ownership information

 

Report Title: Extending the civil penalties regime to include prohibitions for misuse or wrongful distribution of beneficial ownership information

Exempt (Article 35)

Decision(s):

The Minister for External relations decided to amend the Financial Services Commission (Jersey) Law 1998, and requested that the Department provides the necessary Law drafting instructions for submission to the Principal Legislative Drafter.

Reason for Decision(s):

On 11th September 2024, the States Assembly unanimously approved the Draft Financial Services (Disclosure and Provision of Information) (Jersey) Amendment Law 202- (P.49/2024) (the Draft OE Law). This Law permits the disclosure of beneficial ownership information held by the Jersey Financial Services Commission to obliged entities. The Government of Jersey has decided to bring prohibitions created under the Draft OE Law within scope of the Jersey Financial Services Commission’s civil penalty regime, as detailed in the accompanying report.

Resource Implications: Law drafting time will be required

 

Action Required: To request the Principal Legislative Drafter to draft the necessary legislation.

Signature:

 

 

Signed By: Minister for External Relations

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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